Fintech security firm nsKnox on Tuesday announced that it raised $15 million in a Series A funding round.
The round was led by Microsoft’s M12 venture fund and Viola Ventures, with participation from Discount Capital and previous seed investors. The company plans on using the money to expand its global customer base and improve its product.
Founded in 2016 by Alon Cohen, founder and former CEO of CyberArk, nsKnox has developed a platform designed to protect corporate payments against a wide range of threats, including fraud, social engineering and data manipulation.
The company says its platform allows organizations to validate the authenticity of payments and verify the sender and recipient in an effort to prevent financial loss caused by fraudulent money transfers.
nsKnox’s solution leverages what the company calls Cooperative Cyber Security (CCS), which combines cryptography with data from multiple organizations in order to protect outbound and inbound payments.
The company is based in Boston and Tel Aviv, Israel. It claims to be working with major financial institutions from around the world.
“The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behavior, which costs corporations significant amounts of money every year,” said Lior Litwak, Principal at M12. “nsKnox’s corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats. We look forward to being a part of nsKnox’s journey as they grow and expand.”